Shantanu eMinds Legal Consulting Pvt Ltd
eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 15 years.
Condition for NBFCs Opening their Susidiaries Abroad
Reserve Bank of India (RBI) has issued circulars under the Foreign Exchange Management Act, 1999 (FEMA) and also from regulatory perspective, advising the NBFCs to obtain its prior permission before opening branch/office/joint venture/subsidiary/representative office abroad. Broadly, the following conditions have been prescribed by RBI in this regard:- i) Investment in non-financial services sectors shall not… Read More
Amendments Proposed in Provisions Relating to General Anti-Avoidance Rules (GAAR)
The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012. i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduce an independent member, not below the rank of… Read More
Concern of Credit Rating Agencies on Indian Economy
India™s sovereign debt is usually rated by six major Sovereign Credit Rating Agencies (SCRAs) viz. Moody™s Investor Services, Standard and Poor™s (S&P), Dominion Bond Rating Service (DBRS), Fitch Ratings, Japanese Credit Rating Agency (JCRA) and Rating and Investment Information (R&I). The assessment and ratings given by the various agencies differ from each other. In past… Read More
Notification No. 26/2012-Central Excise (N.T.)
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 26/2012-Central Excise (N.T.) G.S.R. (E).-In exercise of the powers conferred by sub-section (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government, hereby makes the following further amendments in the notification of the Government of India, in… Read More
CBEC-Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001
Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 42/2012 - Customs (N.T.) New Delhi, 15th of May, 2012 25 Vaisakha, 1934 (SAKA) S.O. ¦ (E). In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central… Read More
Foreign investment in NBFC Sector under the FDI Scheme – Clarification
RBI/2011-12/562 A.P. (DIR Series) Circular No. 127 May 15, 2012 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign investment in NBFC Sector under the Foreign Direct Investment (FDI) Scheme - Clarification Attention of Authorised Dealers Category I (AD Category - I) banks is invited to A.P. (Dir Series) Circular No.121 dated May… Read More
Revised Kisan Credit Card (KCC) Scheme
RBI/2011-12/553 RPCD.FSD.BC.No. 77/05.05.09/2011-12 May 11, 2012 The Chairman and Managing Director/CEOs, All Scheduled Commercial Banks, (Excluding RRBs) Madam / Dear Sir, Revised Kisan Credit Card (KCC) Scheme Please refer to our circular RPCD.PLFS.BC.No.38/05.05.09/2004-05 dated October 4, 2004 advising you to implement the Revised Model KCC Scheme. 2. With a view to simplify and attune the Scheme to… Read More
Guidelines for clearing of cheques where there is no formal clearing house
RBI/2011-12/559 DPSS.CO.CHD No./2073/03.02.01/2011-12 May 11, 2012 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Dear Sir/Madam Guidelines for clearing of cheques where there is no formal clearing house As you may be aware,… Read More
Review of Service Charges for Cheque Collection Outstation and Speed Clearing
RBI/2011-12/560 DPSS.CO.CHD.No. / 2080 / 03.01.03 / 2011-12 May 11, 2012 The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs / UCBs / State Co-operative Banks / District Central Co-operative Banks/Local Area Banks Madam / Dear Sir, Review of Service Charges for Cheque Collection Outstation and Speed Clearing… Read More
New Companies Act
The Government has undertaken comprehensive revision of the Companies Act, 1956. The Companies Bill 2011 as approved by the Cabinet on 24th November, 2011 has been introduced in the Lok Sabha on 14th December, 2011 and the same has been referred to the Parliamentary Standing Committee on Finance for its examination and report. This information… Read More
Transfer of Borrowal Accounts from One Bank to Another
RBI/2011-12/551 DBOD.No.BP.BC-104/21.04.048/2011-12 The Chairman and Managing Director/ Chief Executive Officer of All Scheduled Commercial Banks Dear Sir, Transfer of Borrowal Accounts from One Bank to Another Please refer to our circular IECD.No.20/08.12.01/97-98 dated December 2, 1997, in terms of which banks were advised to incorporate the necessary safeguards to be observed in the case of… Read More
CBEC-Seeks to amend CENVAT credit Rules, 2004 (Fifth Amendment)
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 8th May, 2012 Notification No. 25/2012-Central Excise (N.T) G.S.R. (E).-In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government, hereby makes… Read More
Risk Management and Inter Bank Dealings
RBI/2011-12/546 A.P. (DIR Series) Circular No.123 May 10, 2012 To, All Authorised Dealer Category - I Banks Madam / Sir, Risk Management and Inter Bank Dealings Attention of Authorized Dealers Category I (AD Category I) banks is invited to A.P. (DIR Series) Circular No.58 dated December 15, 2011 on the captioned subject. 2. In terms of the… Read More
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